The time to buy your dream home in Cyprus is now. Benefit from the permanent reduction of the transfer fees by 50%.
The Cyprus Finance Ministry announced that the temporary arrangement to reduce Property Transfer Fees by 50 per cent, is now PERMANENT; the law implementing the change, ‘Land and Surveys Department (Fees and Rights) (Amendment) (No. 2) Law’, was passed on 14th JULY 2016 at a plenary session of the Cyprus parliament.
In its announcement the Finance Ministry stated “The above arrangement aims to boost additional growth in the construction industry and attract new investments from both the domestic, and the foreign markets.”
The following example clearly illustrates this:
For property purchased for €200,000 by one person, the fees payable are now €4,600 from €9,200
| Up to €85,000 |
@3% |
= €2,550 |
| From €85,001 to €170,00 |
@5% |
= €4,250 |
| The remaining €30,000 |
@8% |
= €2,400 |
| Total fees payable |
|
= €9,200 |
| New fees payable |
50% Reduction |
= €4,600 |
For property purchased for €200,000 by 2 persons, the fees payable are now €3,300 from €6,600
| Up to €85,000 |
@3% |
= €2,550 (half share) |
| Second €85,000 |
@3% |
= €2,550 (half share) |
| The remainder of €15,000 |
@5% |
= €750 (half share) |
| The remainder of second €15,000 |
@5% |
= €750 (half share) |
| Total fees payable |
|
= €6,600 |
| New fees payable |
50% Reduction |
= €3,300 |
